State agency overtime expenses continue to rise, according to a new report, but overall salary costs remain below those of a decade ago.
Nonpartisan analysts reminded lawmakers Wednesday that the next recession could be right around the corner.
A controversial tax hike on prepared foods will rake in $158 million over next two years.
Neither Republican nor Democratic legislators’ latest budget plans would spare Connecticut from grappling with another massive budget deficit two years from now, according to nonpartisan analysts.
The state budget is running a deficit — albeit a small one — the legislature’s nonpartisan Office of Fiscal Analysis reported Thursday. But it could have big political repercussions.
The top Republican in the state Senate urged nonpartisan fiscal analysts Tuesday to complete their own assessment of the current state budget as soon as possible.
Updated at 3:48 p.m.
After releasing an initial report last month showing significant savings in overtime costs, the legislature’s nonpartisan fiscal analysts announced Tuesday that state agencies spent about $37.1 million less on overtime in the fiscal year that ended in June than in the year before.
Out of left field on May 4, the legislature’s bipartisan efficiency committee, Program Review & Investigations, took a direct hit of 50 percent of its personnel in the negotiated budget. The committee staff was not previously targeted by the Democratic, Republican, or governor’s proposed budget cut lists — the evisceration appeared overnight. Now, for the sake of saving $750,000, the state is destroying the very committee that saved taxpayers $89.5 million in FY 2010 and $111.9 million in 2011. How could anyone think this a logical decision?
The savings are a 13.9 percent reduction from the previous fiscal year. In total, 25 state agencies reduced overtime pay.
It’s been six years since legislators overwhelmingly approved a tax incentive and license fees to encourage schools to buy school buses equipped with seat belts. But not a single school district has used the program, and much of the money put aside has gone to offset state deficits.
State Comptroller Kevin P. Lembo certified a $220 million deficit Tuesday for the current fiscal year, a report that largely echoes last week’s warning from the legislature’s nonpartisan analysts about eroding state income tax receipts.
Connecticut’s finances were dealt a major blow Thursday when nonpartisan analysts downgraded projected income tax receipts by hundreds of millions of dollars for this fiscal year and next.
The red ink legislators and Gov. Dannel P. Malloy must deal with beginning next week now outstrips Connecticut’s emergency reserves by almost $175 million, based on a new deficit forecast released late Monday.
Washington – One of Rep. John Boehner’s final acts as Speaker of the House this week was to negotiate a budget deal with the White House that will help Connecticut’s defense industry by boosting Pentagon spending and save the state government about $65 million in health care expenses for low-income residents and state retirees.
As Connecticut officials try to balance the state budget, they grapple with a question many other states and the federal government still can’t answer: How much damage was done to the economy during the last recession?